Lending rushes to speed up

lending-rushesMortgage lending is in its best position for seven years after increasing a 12% year on year to £61.4 billion in the third quarter. Mortgage lenders estimate the gross mortgage lending would hit £20 billion, 2% higher than the previous months. This is the fourth month in a row to experience a sharp improvement in year on year lending.

Expert says: “Housing market activity had a slow start in the year which have now picked up in second half of 2015. Low inflation, unemployment and competitive mortgage deals are the factors those support housing demand. Mortgage market is filled with lenders having money to lend wherein the people looking for mortgage are not up to that, so rates will have to remain low. As remortgage is not up to the expectation, total lending for the year will be around £210 billion, which is still an increase than last year proving the market continues to grow.

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